The Big Short: Inside the Doomsday Machine

Who understood the risk inherent in the assumption of ever-rising real-estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? Michael Lewis turns the inquiry on its head to create a fresh, character-driven narrative brimming with indignation and dark humor, a fitting sequel to his number-one best-selling Liar’s Poker.

When Genius Failed: The Rise and Fall of Long-Term Capital Management

When Genius Failed is the cautionary financial tale of our time, the gripping saga of what happened when an elite group of investors believed they could actually deconstruct risk and use virtually limitless leverage to create limitless wealth. In Roger Lowenstein's hands, it is a brilliant tale peppered with fast money, vivid characters, and high drama.

Den of Thieves

Pulitzer Prize winner James B. Stewart shows for the first time how four of the biggest names on Wall Street - Michael Milken, Ivan Boesky, Martin Siegel, and Dennis Levine - created the greatest insider-trading ring in financial history and almost walked away with billions - until a team of downtrodden detectives triumphed over some of America's most expensive lawyers to bring this powerful quartet to justice.

On the Brink: Inside the Race to Stop the Collapse of the Global Financial System

From the man who was in the very middle of this perfect economic storm, On the Brink is Paulson's fast-paced retelling of the key decisions that had to be made with lightning speed. Paulson puts the listener in the room for all the intense moments as he addressed urgent market conditions, weighed critical decisions, and debated policy and economic considerations with of all the notable players.

All the Devils Are Here

As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy.

Boomerang: Travels in the New Third World

The tsunami of cheap credit that rolled across the planet between 2002 and 2008 was more than a simple financial phenomenon: it was temptation, offering entire societies the chance to reveal aspects of their characters they could not normally afford to indulge. The Greeks wanted to turn their country into a pinata stuffed with cash and allow as many citizens as possible to take a whack at it. The Germans wanted to be even more German; the Irish wanted to stop being Irish.

Crash of the Titans: Greed, Hubris, the Fall of Merrill Lynch and the Near-Collapse of Bank of America

With one notable exception, the firms that make up what we know as Wall Street have always been part of an inbred, insular culture that most people only vaguely understand. The exception was Merrill Lynch, a firm that revolutionized the stock market by bringing Wall Street to Main Street. Merrill Lynch was an icon. Its sudden decline, collapse, and sale to Bank of America was a shock. How did it happen? Why did it happen?

Stress Test: Reflections on Financial Crises

On January 26, 2009, during the depth of the financial crisis and having just completed five years as President of the Federal Reserve Bank of New York, Timothy F. Geithner was sworn in by President Barack Obama as the 75th Secretary of the Treasury of the United States. Now, in a strikingly candid, riveting, and historically illuminating memoir, Geithner takes listeners behind the scenes during the darkest moments of the crisis.

The Courage to Act: A Memoir of a Crisis and Its Aftermath

In 2006, Ben S. Bernanke was appointed chair of the Federal Reserve, capping a meteoric trajectory from a rural South Carolina childhood to professorships at Stanford and Princeton, to public service in Washington's halls of power. There would be no time to celebrate, however - the burst of the housing bubble in 2007 set off a domino effect that would bring the global financial system to the brink of meltdown.

The Man Who Knew: The Life and Times of Alan Greenspan

Sebastian Mallaby's magisterial biography of Alan Greenspan, the product of over five years of research based on untrammeled access to his subject and his closest professional and personal intimates, brings into vivid focus the mysterious point where the government and the economy meet. To understand Greenspan's story is to see the economic and political landscape of the last 30 years - and the presidency, from Reagan to George W. Bush - in a whole new light.

Conspiracy of Fools: A True Story

Say the name 'Enron' and most people believe they've heard all about the story that imperiled a presidency, destroyed a marketplace, and changed Washington and Wall Street forever. But in the hands of Kurt Eichenwald, the players we think we know and the business practices we think have been exposed are transformed into entirely new, and entirely gripping, material.

The Greatest Trade Ever: How John Paulson Defied Wall Street and Made Financial History

In 2006, hedge fund manager John Paulson realized something few others suspected--that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it....

House of Cards: A Tale of Hubris and Wretched Excess on Wall Street

In March 2008, Bear Stearns, a swashbuckling 84-year-old financial institution, was forced to sell itself to JPMorgan Chase for an outrageously low price in a deal brokered by Treasury Secretary Henry Paulson, who was desperately trying to prevent the impending catastrophic market crash. But mere months before, an industry-wide boom had "the Bear" clocking a record high stock price. How did a giant investment bank with $18 billion in cash on hand disappear in a mere 10 days?

The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance

A gripping history of banking and the booms and busts that shaped the world on both sides of the Atlantic, The House of Morgan traces the trajectory of the J. P.Morgan empire from its obscure beginnings in Victorian London to the crash of 1987. Ron Chernow paints a fascinating portrait of the private saga of the Morgans and the rarefied world of the American and British elite in which they moved. Based on extensive interviews and access to the family and business archives, The House of Morgan is an investigative masterpiece.

A Colossal Failure of Common Sense: The Inside Story of the Collapse of Lehman Brothers

One of the biggest questions of the financial crisis has not been answered until now. What happened at Lehman Brothers and why was it allowed to fail, with aftershocks that rocked the global economy? In this news-making, often astonishing book, a former Lehman Brothers Vice President gives us the straight answers - right from the belly of the beast.

Publisher's Summary

The Inside Story of How Wall Street and Washington Fought to Save the Financial System - and Themselves

A real-life thriller about the most tumultuous period in America's financial history by an acclaimed New York Times reporter. Andrew Ross Sorkin delivers the first true, behind-the-scenes, moment-by-moment account of how the greatest financial crisis since the Great Depression developed into a global tsunami.

From inside the corner office at Lehman Brothers to secret meetings in South Korea and the corridors of Washington, Too Big to Fail is the definitive story of the most powerful men and women in finance and politics grappling with success and failure, ego and greed, and, ultimately, the fate of the world's economy.

"We've got to get some foam down on the runway!" a sleepless Timothy Geithner, the then-president of the Federal Reserve of New York, would tell Henry M. Paulson, the Treasury secretary, about the catastrophic crash the world's financial system would experience. Through unprecedented access to the players involved, Too Big to Fail re-creates all the drama and turmoil, revealing neverdisclosed details and elucidating how decisions made on Wall Street over the past decade sowed the seeds of the debacle.

This true story is not just a look at banks that were "too big to fail"; it is a real-life thriller with a cast of bold-faced names who themselves thought they were too big to fail.

What the Critics Say

"Andrew Ross Sorkin pens what may be the definitive history of the banking crisis." (The Atlantic Monthly)"Andrew Ross Sorkin has written a fascinating, scene-by-scene saga of the eyeless trying to march the clueless through Great Depression II." (Tom Wolfe)

Initially, I didn't even consider listening to this book since I'm well aware of current events, and I thought it would be repetitive. After all, didn't we get enough of the daily harping on the factors contributing to our economic crisis? But The Economist listed it as one of the best books of the year, so I thought I would give it a try. In fact, Too Big to Fail is not a dull chronology of the events leading up to Lehman's failure and the creation of TARP; rather, it exposes the sentiments, conversations, decisions, and intentions of every major player and government figure involved with Wall Street's financial rescue. It reads like a suspense novel and is full of gossipy, fascinating tidbits which one would never hear on the news.

Sorkin's awareness of private conversations and correspondence between government regulators and the investment banking firms' staff is absolutely incredible. Since there haven't been any lawsuits accusing Sorkin of slander, I can only assume that they are truthful portrayals. He must have convinced friends, spouses, government staffers and high-level figures alike to recount everything they had witnessed, heard, or said. I don't know how he managed to do all of that and publish the book in such a short amount of time, but it's pretty impressive.

This is the 4th book I have listened to on the market meltdown of 2008 and this is by far the best. The others focused on the downturn from the perspective of a particular firm while this one gave detailed descriptions of the events that led to it. Clearly, Sorkin has gotten incredible access to the big players both in the government and the private sector to put together an absoltuely riveting book. I have listened to a long list of books on the economy and finance and this is by far my favorite. It's a great listen.

Too Big to Fail is Sorkin's telling of the global economic meltdown and the formation of TARP. This is some fine journalism and wonderful writing. Even if you don't follow all of the characters (which you probably will), just listening along with give you a feel and understanding of what was at stake and what was accomplished. Certainly, I found the characters humanized and now appreciate the struggles that Timothy Geithner and Henry Paulson faced. I appreciate what these men and others did to bring stability to the economy.

This book is well written and read. The research is great. If you are old enough you may see the Keystone cops running the streets. Lets just hope that the outcomes benefit us as much as the book informs and entertains.

While the title of this review may be seen as heresy by the hardcore Sci-Fi fans out there, this is one instance where the drama of real events surpasses even the greatest drama fiction can muster. The English language lacks sufficient adjectives to properly extol the writing and events of Too Big Too Fail. In addition to the superb recounting of the events leading to the collapse, William Hughes does an excellent narration. I have already recommended Too Big Too Fail to my friends and family, and I would recommend it to anyone with the slightest interest in the economic events of 2008.

For those that are interested in gaining an understanding of what really happened and how close our economy came to collapsing this is a must read. It goes way past the headlines and populist rantings to the facts and does it in a very interesting format. You do feel like you were there.

What distinguishes this book from others about the 2008 financial meltdown is the author's extraordinary access to the high-level government and industry players who were at the center of the drama. The writing style is easy to follow (once you have the names clearly in mind) and flows very well. The picture that emerges is a group of executives and officials trying to improvise remedies for a devastating and unprecedented financial collapse on the fly, under intense time pressures, and with no assurance they would be successful. In the circumstances we can be fortunate things did not go into complete meltdown. It is also abundantly clear that sensible financial reform is a must so that the country does not face a similar crisis in the future.

The book is mainly useful for understanding the course of events, policy decisions, and mergers that occurred once the scope of the financial meltdown became apparent at the highest levels of the government. It is less useful as a source for understanding the background and business practices that led to the enormous build-up of irresponsible investments in subprime mortgages and their derivatives that were the prime cause of the crisis. For that background, I would suggest Gillian Tett's book (Fool's Gold); A Colossal Failure of Common Sense (dealing with the Lehman collapse); and articles by Michael Lewis.

This book is a detailed account of the fall of Lehman Brothers, the reorganization and mergers of Goldman-Sachs, Morgan-Stanley, Merrill-Lynch, Wachovia-Wells Fargo, the genesis of the TARP fund, and the nationalization of the banks. The story gives the listener the sense of the desperation and breakneck pace of the total reorganization of Wall Street and US National Banking. The key protagonists in this history-memoir are the Dartmouth alums Hank Paulson and Tim Geithner who were facing down what they thought was an imminent economic collapse and the pressure points they used to avert the disaster. If there is any one lesson from this, it is that the fall of Lehman was mostly a matter of bad timing and the tension between Paulson and Fuld. The book does not seek to analyze the root economic causes of the fall of Wall Street other than excessive risk-taking and over-leveraging and does not provide the details of the accounting mischief like House of Cards and Smarted Guys in the Room. But the human story behind the deals is well depicted. It is a long but a compelling listen.